The EUR/USD traded in a very narrow channel between 1.3415 and 1.3430 today as volatility was low. This was due to the fact that there were no important economic events today as so movement was causing by technical trading following Friday’s Non – farm Payrolls data. Tomorrow, however, volatility should increase and provide some great trading opportunities. At 9.00AM (GMT) EU Retail Sales data will be released and at 2.00PM (GMT) the ISM Non-Manufacturing PMI will come out.
The movement is sideways. Support is found at 1.3350 and resistance at 1.3450.
GBP/USD
Similar to the EUR/USD, the GBP/USD traded in a very narrow channel between 1.6810 and 1.6845. As the American session started, the pair began to increase due to speculation before tomorrow’s data. Despite recent negative data from the UK, we do not expect the pair to move drastically lower. It is most likely we could see sideways movement in the case of bad data or perhaps a slight uptrend if data is positive. Positive news over the UK’s interest rate could also push the pair above 1.7000 again.
The movement is sideways. support is found at 1.6800 and resistance at 1.6890.
August 4, 2014 – Forex News
Today’s Hot Asset: EUR/USD
EUR/USD
The EUR/USD traded in a very narrow channel between 1.3415 and 1.3430 today as volatility was low. This was due to the fact that there were no important economic events today as so movement was causing by technical trading following Friday’s Non – farm Payrolls data. Tomorrow, however, volatility should increase and provide some great trading opportunities. At 9.00AM (GMT) EU Retail Sales data will be released and at 2.00PM (GMT) the ISM Non-Manufacturing PMI will come out.
The movement is sideways. Support is found at 1.3350 and resistance at 1.3450.
GBP/USD
Similar to the EUR/USD, the GBP/USD traded in a very narrow channel between 1.6810 and 1.6845. As the American session started, the pair began to increase due to speculation before tomorrow’s data. Despite recent negative data from the UK, we do not expect the pair to move drastically lower. It is most likely we could see sideways movement in the case of bad data or perhaps a slight uptrend if data is positive. Positive news over the UK’s interest rate could also push the pair above 1.7000 again.
The movement is sideways. support is found at 1.6800 and resistance at 1.6890.
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